GIFT Nifty:

GIFT Nifty January 2026 futures were down 17.50 points, suggesting a negative start for the Nifty 50 today.

The Federal Reserve on Wednesday voted to keep its key interest rate in a range between 3.5%-3.75%. The decision put a halt to three consecutive quarter percentage point reductions, billed as maintenance moves to guard against potential downturns in the labor market.

In voting to hold the line, the committee raised its assessment of economic growth. It also eased its concerns about the labor market as compared with inflation.

Meanwhile, India's industrial production rose to a 26-month high of 7.8% in December, up from 7.2% in November, according to data released by the government on January 28.

The sharp pickup was driven by a broad-based acceleration across manufacturing, capital goods and infrastructure-linked segments, signalling resilient momentum at the end of the calendar year.

Institutional Flows:

Foreign portfolio investors (FPIs) bought shares worth Rs 480.26 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 3,360.59 crore in the Indian equity market on 28 January 2026, provisional data showed.

The FIIs had sold shares worth Rs 43,292.62 so far in January. This follows their cash sales of Rs 34,349.62 crore in December and Rs 17,500.31 crore in November.

Global Markets:

Asia market mostly traded lower on Thursday after the U.S. Federal Reserve overnight kept its benchmark rate steady at a target range of 3.5% to 3.75%.

Investors will be keeping an eye on developments in Indonesia after the benchmark Jakarta Composite plunged over 8% on Wednesday after index provider MSCI had issued a statement warning of a potential downgrade of the country to frontier-market status.

Meanwhile, Singapore's central bank left its monetary policy unchanged Thursday, while warning of upside risks to inflation and demand as the city-state's economic outlook stays resilient. The country's benchmark Straits Times Index inched 0.19% higher.

Overnight in the U.S., the S&P 500 reached a milestone level, hitting 7,000 for the first time, before pulling back as the Federal Reserve left interest rates unchanged and upped its economic growth assessment.

The broad market index ended the day down 0.01% at 6,978.03. Earlier, the S&P 500 was up 0.3% on the day, hitting an all-time intraday high of 7,002.28.

The Dow Jones Industrial Average added 0.02% to close at 49,015.60. The Nasdaq Composite outperformed and gained 0.17%, settling at 23,857.45.

Domestic Market:

The key equity benchmarks ended higher for a second straight session on Wednesday, as improved risk appetite lifted sentiment. Optimism around the conclusion of the India-EU free trade agreement and supportive global cues underpinned the rally.

Meanwhile, a stable rupee and steady crude oil prices added comfort for investors. The Nifty closed above the 25,300 mark led by firmness in energy and metal shares.

The S&P BSE Sensex advanced 487.20 points, or 0.60%, to 82,344.68, while the Nifty 50 gained 167.35 points, or 0.66%, to settle at 25,342.75. Over the past two sessions, the Sensex has risen 0.99% and the Nifty has climbed 1.17%.

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